After nearly two years of uncertainty with the Devils’ ownership situation, there was finally a resolution today when current majority owner Jeff Vanderbeek was able to complete a refinancing of the team’s approximately $78 million debt and purchase the parts of the franchise he didn’t previously own, from Brick City (headed by Michael Gilfillan and Ray Chambers) as well as Peter Simon‘s minority share. According to Tom Gulitti in his Fire on Ice blog, the NHL’s Board of Governors voted two weeks ago to approve Vanderbeek as the sole owner of the Devils, ending a long period of speculation over what would happen to Vanderbeek and the franchise after Brick City put their shares in the team up for sale.
Despite the seemingly never-ending NHL lockout – which still has the season very much in jeopardy – the Prudential Center (which Vanderbeek already owned in full) has been able to thrive thanks to their success in bringing in high-profile shows and concerts such as Bruce Springsteen, The Who and The Rolling Stones, in addition to a deep playoff run last year that helped pay down the debt. With Newark becoming a viable destination for the country’s top performers, it only serves to strengthen the Devil owner’s current position and hopefully will see the Jersey native be able to pay down the debt in full over time and continue a successful tenure.
Here is Vanderbeek’s statement (e-mailed to all season ticket holders as well as published in various newspaper articles):
“Today’s announcement is good news for Devils fans though I fully recognize fans’ frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future — for Jersey’s team and Prudential Center, home to the 2013 NHL Draft.
I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”
Speaking of the NHL draft – currently scheduled for this June 28-29 at the Prudential Center – according to Gulutti, it’s likely to be pushed back a few days given the anticipated later ending of a season (assuming there is one). One thing’s for sure, assuming this draft does get held I wouldn’t want to be Gary Bettman. Not only are all hockey fans liable to boo him regardless of the outcome of this CBA, Devil fans are going to be especially hard on the commisioner after his role in the Ilya Kovalchuk contract penalty two years ago.
At least today saw some unexpected good news for the Devils themselves. Hopefully there’ll be good news coming for all NHL fans by the end of next week.
